Are seller disclosures mandatory?

In Delaware, seller disclosures are mandatory when selling residential real estate. A seller must provide potential buyers with a written disclosure statement before entering into a contract to purchase residential property. This statement must contain certain information about the condition of the property, such as disclosure of known material defects, structural issues, as well as any potential environmental hazards. The disclosure statement must also include any information that could materially affect the value of the property. The Delaware Real Estate Commission (DREC) has developed a standard disclosure statement that must be used by sellers when selling residential real estate. This statement must cover topics such as any recent repairs or improvements to the property, any pending litigation or liens that may exist on the property, and any neighborhood noise or traffic issues that may affect prospective buyers. It is important to note that the seller disclosure statement is not a substitute for an inspection or home inspection report. Rather, it is intended to inform the buyer of any known defects or issues of which the seller is aware. If a buyer discovers any material issue with the property after the sale, they may potentially be able to bring legal action against the seller. Therefore, it is in the best interest of both the seller and buyer to make sure that all seller disclosures are provided and that any material issues are noted on the disclosure statement.

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